Содержание
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Выдержка из текста
The last two decades were associated with strong global changes economic and financial situation, and many are not sufficiently developed economies have become qualify as emerging markets equity. The main features of the data countries are the high rates of return, which are always accompanied by a high risks, in particular, currency risk and risk of liquidity. At the same time big emerging markets are constantly attempts to create a local Financial centers by regulatory and governmental bodies. So ambitious goals of the Russian government to establish an International Finance Center require a more thorough analysis of the situation and the effect of rendering scenarios various shocks on the market (including currency) on the behavior of the yield and volatility financial instruments and the behavior of market participants.
The goal of this studies — to find out whether the estimated foreign exchange risk in major developing capital markets, particularly in the Russian market. And also to find out, it is worth whether investors expect a premium for the general and (or) local and foreign currency risks try to estimate these awards.
Currency risk can play quite an important role in portfolio management the assets of the company for the cost of capital and the formation of asset prices as well as currency hedging strategies. Nevertheless, the assessment of the currency risk on international market is still an open question for discussion, as the previous.
Список использованной литературы
1. Campello, M., Lin, C., Ma, Y., & Zou, H. (2011). The real and financial implications of corporate hedging. The Journal of Finance, 66(5), 1615-1647.
2. Kawaller, I. (2012). On the Fence To hedge or not to hedge. Afp Exchange, 20-21.
3. Jan Antell, Mika Vaihekoski, Pricing currency risk in the stock market: Evidence from Finland and Sweden 1970–2009 // Journal of International Financial Markets Institutions & Money 22. 2012, p. 120– 136.
4. Kashif Saleem and Mika Vaihekoski Time-Varying global and local sources of market and currency risks in Russia stock market // International Review of Economics & Finance. 2010, vol. 19, no. 4, p. 686-697.
5. Odongo Kodongo, Kalu Ojah Foreign exchange risk pricing and equity market segmentation in Africa // Journal of Banking & Finance 35. 2011, p. 2295–2310.
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